Marqeta (NASDAQ:MQ) Upgraded at Citigroup

Citigroup upgraded shares of Marqeta (NASDAQ:MQ) to a hold rating in a report released on Thursday,Zacks.com reports.

MQ has been the topic of a number of other research reports. JPMorgan Chase & Co. increased their price objective on Marqeta from $6.00 to $8.00 and gave the stock an “overweight” rating in a report on Thursday, August 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Marqeta in a report on Thursday, July 17th. They issued a “hold” rating and a $6.00 price objective on the stock. Keefe, Bruyette & Woods decreased their target price on Marqeta from $6.50 to $6.00 and set a “market perform” rating for the company in a research report on Wednesday, October 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Marqeta in a research report on Wednesday, October 8th. Finally, UBS Group upped their target price on Marqeta from $5.00 to $5.75 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $5.77.

Marqeta Stock Performance

NASDAQ:MQ opened at $4.72 on Thursday. The stock’s 50 day moving average price is $5.54 and its 200 day moving average price is $5.33. Marqeta has a 52 week low of $3.37 and a 52 week high of $7.04. The company has a market capitalization of $2.12 billion, a P/E ratio of -36.31 and a beta of 1.51.

Insider Activity at Marqeta

In other news, CRO Todd Pollak sold 116,493 shares of the stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $6.19, for a total value of $721,091.67. Following the completion of the sale, the executive directly owned 364,525 shares of the company’s stock, valued at approximately $2,256,409.75. This represents a 24.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jason M. Gardner sold 31,627 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $6.26, for a total value of $197,985.02. Following the completion of the transaction, the director directly owned 15,367,373 shares of the company’s stock, valued at approximately $96,199,754.98. This trade represents a 0.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,398,120 shares of company stock valued at $15,836,577 over the last three months. 12.61% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC raised its stake in Marqeta by 44.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 67,579 shares of the company’s stock worth $287,000 after acquiring an additional 20,909 shares in the last quarter. Strs Ohio acquired a new stake in shares of Marqeta in the first quarter valued at $698,000. Invesco Ltd. boosted its holdings in Marqeta by 7.6% during the first quarter. Invesco Ltd. now owns 5,797,217 shares of the company’s stock worth $23,885,000 after buying an additional 411,571 shares during the last quarter. TD Asset Management Inc grew its position in shares of Marqeta by 62.2% during the 2nd quarter. TD Asset Management Inc now owns 622,848 shares of the company’s stock worth $3,631,000 after buying an additional 238,748 shares during the period. Finally, Arnhold LLC increased its stake in shares of Marqeta by 11.6% in the 2nd quarter. Arnhold LLC now owns 2,401,932 shares of the company’s stock valued at $14,003,000 after acquiring an additional 248,918 shares during the last quarter. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Marqeta Company Profile

Marqeta, Inc operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services. It offers its solutions in various verticals, including financial services, on-demand services, expense management, and e-commerce enablement, as well as buy now, pay later.